In our latest Market Pulse edition, we build a #Bitcoin overheated / cooled-off tool in Workbench using:

- Stablecoin supplies and SSR ratio
- Unrealized profit and loss
- The MVRV Ratio

Market Pulse reports are a weekly research and analysis series by our analysts, which seeks to achieve several goals:

- Market insights you can't find anywhere else
- Demonstrate how we use Glassnode tools
- Provide unique edge with custom Workbench charts

Market pulse reports are available exclusively for Advanced and Pro members.

With our ⚡️Cyber Week Deal ⚡️ live, we have taken 40% off our Advanced plan until the 29-Nov.

Be sure to take advantage, and make sure to ask our analyst team any questions you have on Forum.

Read the latest Market Pulse on Glassnode Forum.

Our latest video report is live: Characterizing a #Bitcoin Capitulation Event.

In this edition, we analyze:
- Observations of market behaviour after major sell-off events.
- Assessing the scale of the recent FTX capitulation event.
- Measuring the damage done using Realized Loss metrics.
- Metrics which describe statistically significant deviations.

Watch The Week On-chain Video Report

#Bitcoin and #Ethereum markets opened the new year...by staying asleep.

Realized volatility for the two major assets fell to extreme lows, which has historically preceded explosive moves in either direction

More in our first Week On-chain edition of 2023.

As #Bitcoin rallies to $18.2k, over 13% of the Circulating Supply has returned to profit.

The observed sharp move upwards in this metric helps to confirm that a large volume of $BTC was acquired between $16.5k and $18.2k.

Live Chart

#Bitcoin markets display a fascinating and bizarre level of consistency between cycles.

In the 2018-29 bear, $BTC traded below the 200DMA 🔵 for 386-days.

With last weeks rally, $BTC is back above the 200DMA, having spent 381-days trading below it.

📊Live Chart

After one of the least volatile months in history, #Bitcoin has seen an explosive rally back above $21k.

In our latest piece, we analyse the rally and the key pricing and valuation models $BTC has broken above.

Read more in The Week On-chain

For the first time since June, #Bitcoin has seen a greater volume of Profits realized on-chain than losses.

During bear cycles, this tends to act as a psychological level where investors sell at, or near break-even, creating resistance.

A convincing break above 1.0 for Realized P/L Ratio, or aSOPR has historically signalled a cycle regime shift is underway.

A successful retest and bounce of aSOPR from 1.0 is often observed near cycle turning points.

Read our Full Analysis in The Week On-chain

The total $WBTC Balance wrapped on #Ethereum has declined by over 35% since the collapse of the LUNA/UST project

At the peak, there were 285k #Bitcoin wrapped on #Ethereum, and this has since fallen by 101.55k $WBTC over the course of 2022

📊 Live Chart

#Bitcoin markets have seen the strongest monthly price performance since Oct-2021.

This rally is fuelled by both spot demand, and a sequence of short squeezes

We explore these dynamics across derivatives markets, and spot exchanges in our latest edition of The Week On-chain.

Our latest Week On-chain Video report is live.

In this report, we analyze the #Bitcoin rally above $23k from the perspective of:

- Three Waves of Short Squeezes
- Leverage in futures markets
- Spot Exchange $BTC flows
- Average acquisition prices

Watch the latest edition of The Week On-chain

After the powerful #Bitcoin rally in Jan, several on-chain oscillators have returned to an equilibrium position.

This aligns with observations from previous bear markets, where a turning of the market tides was underway.

Read more in our latest The Week On-chain newsletter

#Bitcoin MVRV Ratio is one of the most popular and widely used on-chain metrics. However, much of the power of MVRV is rarely put to use.

The MVRV can be supercharged, and used to find cycle extremes, market trends, and for early warning of cycle peaks.

In our latest research piece, we explore the #Bitcoin MVRV Ratio from several angles:

- Exploring Extreme Values of the MVRV for spotting cycle tops and bottoms.
- MVRV Momentum and how to use the indicator to track macro bull/bear trends.
- Distribution Divergences showing how MVRV often gives advanced warning of cycle tops that are experiencing heavy distribution (sell-side pressure).

Read more in our latest report, and see all live charts in a newly released dashboard

A set of new dashboards for Mastering the MVRV Ratio are now live for both #Bitcoin and #Ethereum, designed to track market cycles, and extremes.

🟠 Bitcoin dashboard

🔷 Ethereum dashboard

📰 Report on Mastering the MVRV Ratio

We can model the yearly balance change of #Bitcoin wallet cohorts, and compare to volumes of $BTC mined over the last year.

Both Shrimps (< 1 BTC) and Crabs (1-10 BTC) are at ATH accumulation rates by this metric.

- 🦐 +105% of mined coins
- 🦀 +119% of mined coins

Both of these cohorts have historically been net #Bitcoin accumulators, consistently growing their balance, but also behaving in line with macro cycles.

Of interest is the period from May to December 2021, where Crabs significantly reduced their accumulation until LUNA collapsed

View this metric in our Entity Balance Change Dashboard which is available for our Professional members.

Identification of #Bitcoin cycle extremes is tricky business, but investor behaviors do tend to rhyme each cycle.

Our latest report covers a new dashboard design which tracks cycle extremes via confluence of:
- MVRV
- SOPR
- Puell Multiple
- Reserve Risk

Watch our latest video report, and see our new dashboard for Spotting Cycle Extremes.

The topic of #Bitcoin supply concentration is a favourite for critics of the asset.

In our latest research piece, we explore how the smallest HODLers of $BTC, the Shrimp (< 1 $BTC) 🦐 and Crab (< 10 $BTC)🦀 are in fact last cycles largest accumulators.

We assess
- Relative population growth and balance change by wallet cohort.
- Introduce a new metric called Yearly Absorption Rate showing balance change relative to mined supply
- Demonstrate the dispersion of BTC from miners, through exchanges and out to investor cohorts.

Our analysis demonstrates that #Bitcoin supply continues to disperse in time, settling in to smaller entity wallets. Over the 2021-23 cycle, Shrimp and Crab entities absorbed more than 2x the total coins mined, and are growing supply share at the greatest rate in history.

Read our latest piece Shrimp Supply Sink: Revising the Distribution of Bitcoin Supply

#Bitcoin has now confidently broken above the Adjusted Realized Price located at $24.6k.

This average cost basis variant excludes the tremendous profit held by lost coins.

The market also recently found support on the classic Realized Price at $19.8k.

📊Live Chart

The price performance of #Bitcoin has been historically strong, returning 35.8% over the last 7-days.

Similar weekly $BTC performance since 2015 have all been related to bull market conditions, however only Nov 2015 occurred early in the up-trend.

Live Chart

#Bitcoin has out-performed this week, rallying 35.8% against a backdrop of challenging conditions for the traditional financial system.

This week, we explore how #Bitcoin appears to be shifting up a gear, and rallying out of deep bear market territory.

Read our analysis in The Week On-chain.

Our latest #Bitcoin onchain analysis report is live, this week focusing on The Price of Time.

We demonstrate how to use exchange flows, realized profits, and coinday destruction to assess profit taking by the market.

Watch more in our latest video report.